ENERGY prices are set to skyrocket this winter, but there could be a sneaky way to earn extra cash by cutting down on power.
Stress is building as bills could top £5,000 next year if wholesale prices for gas and electricity do not fall soon.
Experts at the energy consultancy firm Auxilione predicted that the price cap on energy bills could reach £3,628 in October, from £1,971 today.
It could then rise again to £4,538 in January and peak at £5,277 in April.
But there might be an easy way to earn cash back for your energy bills by switching off appliances.
National Grid ESO (Electricity System Operator) is setting up plans for customers to get money back off soaring bills if they switch to off-peak use.
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If you have a smart meter, your usage is monitored over time and rewards are on offer for those who use less energy at busy times.
Rewards could be paid directly or given as credit on your account.
Energy firms decide whether they want to sign up to the scheme rather than the customer, though, so we'd recommend calling up your provider to check.
Estimates for how much people would be paid have ranged from around 23p to £6 per kWh. British Gas currently charges just under 30p per kWh for electricity, and that’s expected to soar in October.
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A kWh of electricity currently costs 28p a unit.
How much you get off per kWh depends on your supplier, so definitely have a chat with them if you're unsure whether you're involved.
A National Grid ESO spokesperson said: “We are developing a new service that will be available for consumers to benefit from across this winter and will be announcing further information soon.”
Pricey appliances and how to cut costs
The service will mostly help those who use the washing machine or tumble dryer a lot, which can use up to a whopping £140 a year.
But there are plenty of other ways to save money when you're using your appliances.
We've listed some here:
Tumble dryers
Tumble dryers can cost hundreds of pounds a year if you're not careful.
But if you have a heat pump model this price is slashed in half – as they are far more energy efficient.
In warmer weather, hang your clothes outside to dry if you can, and you could save money by using a heated clothes airer too.
Freezers
American-style fridge freezers can cost a small fortune – setting the average household back £120 every year.
But freestanding models, which are usually smaller, are significantly cheaper to run.
These will only typically cost £84.94 to run – and integrated models are even cheaper at £72.41 a year, said Which?
The energy usage for these appliances are so high because freezers need to be on 24/7.
To save money make sure to let food cool down before putting it into the freezer – as hot food makes it work harder.
Dishwasher
Dishwashers can be pricey when you tot up how much they cost over the course of a year.
They set the average household back £79.38.
The obvious way to save money is to only run your appliance when it is full – or go back to the good old fashioned sink.
If you are using a dishwasher, wait until you have a full load and use the eco-setting if you have one.
Oven
The average built-in electric oven costs £64.18 per year to run.
In general, electric ovens are more energy efficient and do better in cost-saving tests.
Turn off the oven a few minutes before food is ready, leaving it to continue cooking in what's left of the heat (check it's piping hot before eating though!)
You can also get away with not pre-heating the oven in most cases too.
Where possible, consider using the microwave instead as these are much cheaper to run.
Washing machine
Washing machines fall only just behind ovens in annual running costs at £63.25.
To save money – and the planet – wash your clothes at a lower temperature.
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If your machine is only half full, you might want to hold off from hitting the start button too. Waiting until you have a full load of washing means you’re likely to do fewer cycles through the year.
Which? recently found that doing one big wash four times a week reduces energy consumption by 17% compared to someone doing three smaller washes every day.
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